Hi,
How do i journal opening balances of assets, with out using all the trial balance. I only need to add equipment and office furniture. What should i balance them against in the journal???
Its best to enter all opening balance sheet.
The only others i have are bank balance opening balances, and i entered them when setting up bank accounts. Any ideas how to proceed??
Have a look at your suspense account, it can take hit to get zero balance
Sorry, you’re gonna have to explain that. Do you mean suspense account on quick file? This is first year using quick file, hence why i need to add assets as opening balances.
Try delete bank opening balances and enter the full opening balance sheet. If not enter rest of balance sheet items and balance left should be equal to make suspense in QF nil
Are you a sole trader or limited company?
The whole journal should be debit bank balances, debit equipment, debit office furniture, credit retained earnings. If you have already entered bank balances, then you may find you have a balance in the suspense account. The easiest way to check is to run a TB for the date of the beginning of your financial period.